QTPI vs. CMDT

Last updated Jun 4, 2026

QTPI (North Square RCIM Tax-Advantaged Preferred and Income Securities ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - QTPI is a Preferred Stock/Convertible Bonds fund actively managed by North Square, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. QTPI is actively managed, while CMDT is passively managed. Over the past year, QTPI returned 5.09% vs 35.85% for CMDT. At a 0.01 correlation, their price movements are largely independent. QTPI charges 0.60%/yr vs 0.65%/yr for CMDT.

Performance

QTPI vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTPI achieves a 0.84% return, which is significantly lower than CMDT's 23.96% return.

QTPI

• 1D: -0.59%
• 1M: 0.10%
• YTD: 0.84%
• 6M: 1.41%
• 1Y: 5.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -0.03%
• 1M: -0.63%
• YTD: 23.96%
• 6M: 24.09%
• 1Y: 35.85%
• 3Y*: 16.90%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QTPI vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	0.84%	7.37%	0.34%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	12.78%	2.04%

Correlation

The correlation between QTPI and CMDT is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.01

Return for Risk

QTPI vs. CMDT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QTPI

QTPI Risk / Return Rank: 42
QTPI Sharpe Ratio Rank: 35
QTPI Sortino Ratio Rank: 34
QTPI Omega Ratio Rank: 33
QTPI Calmar Ratio Rank: 50
QTPI Martin Ratio Rank: 57

CMDT

CMDT Risk / Return Rank: 88
CMDT Sharpe Ratio Rank: 87
CMDT Sortino Ratio Rank: 86
CMDT Omega Ratio Rank: 83
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QTPI vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	QTPI	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.23	2.92	-1.69
Sortino ratio: Return per unit of downside risk	1.80	3.92	-2.12
Omega ratio: Gain probability vs. loss probability	1.22	1.50	-0.29
Calmar ratio: Return relative to maximum drawdown	2.42	8.03	-5.61
Martin ratio: Return relative to average drawdown	9.97	22.12	-12.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QTPI vs. CMDT - Sharpe Ratio Comparison

The current QTPI Sharpe Ratio is 1.23, which is lower than the CMDT Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of QTPI and CMDT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QTPI	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	2.92	-1.69
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	1.32	-0.13

Drawdowns

QTPI vs. CMDT - Drawdown Comparison

The maximum QTPI drawdown since its inception was -4.08%, smaller than the maximum CMDT drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for QTPI and CMDT.

Drawdown Indicators

	QTPI	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-4.08%	-9.69%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-4.49%	+2.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.69%	—
Current Drawdown Current decline from peak	-0.68%	-2.86%	+2.18%
Average Drawdown Average peak-to-trough decline	-0.40%	-2.69%	+2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	1.63%	-1.11%

Volatility

QTPI vs. CMDT - Volatility Comparison

The current volatility for North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) is 1.42%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 4.33%. This indicates that QTPI experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTPI	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	4.33%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	3.19%	10.30%	-7.11%
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	12.35%	-7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	12.21%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	12.21%	-7.23%

QTPI vs. CMDT - Expense Ratio Comparison

QTPI has a 0.60% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

QTPI vs. CMDT - Dividend Comparison

QTPI's dividend yield for the trailing twelve months is around 4.44%, more than CMDT's 2.44% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	4.44%	4.58%	0.10%	0.00%

Frequently Asked Questions

Can I hold both QTPI and CMDT in my portfolio?

QTPI and CMDT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTPI or CMDT?

CMDT has higher volatility (4.33%) compared to QTPI (1.42%). In terms of maximum drawdown, QTPI dropped -4.08% vs CMDT's -9.69%.

Which ETF is better, QTPI or CMDT?

On 1-year performance, CMDT leads with 35.85% vs 5.09% for QTPI. On fees, QTPI is cheaper at 0.60% per year. On volatility, QTPI has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTPI or CMDT?

Over the 1-year period, CMDT has performed better with a 35.85% return vs 5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTPI or CMDT?

QTPI is cheaper with a 0.60% expense ratio, compared with 0.65% for CMDT.

Which ETF pays a higher dividend yield, QTPI or CMDT?

QTPI has the higher dividend yield at 4.44%, compared with 2.44% for CMDT.

What is the main difference between QTPI and CMDT?

QTPI is categorized as Preferred Stock/Convertible Bonds, while CMDT is Commodities. They also come from different issuers: North Square and PIMCO. Their fees differ too: 0.60% for QTPI and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.92 vs 1.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.